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FrontPoint-SJC Direct Lending Fund

FrontPoint-SJC Direct Lending Fund

FrontPoint Has Biggest Launch Amid Insider Trading Probe

What insider trading investigation?  FrontPoint Partners captured headlines in the end of 2010 by being the subject of the insider trading investigation.  Nevertheless, FrontPoint Partners is pressing on in a big way, completing its biggest fund launch.  The hedge fund firm closed its FrontPoint-SJC Direct Lending Fund LP with more than $1 billion committed.
The Greenwich, Conn., firm, run by Dan Waters and Mike Kelly, announced the final close for FrontPoint-SJC Direct Lending Fund LP with total commitments of more than $1 billion.
The launch suggests the insider-trading probe hasn't scared off all FrontPoint investors. FrontPoint took about nine months to gather commitments for the new fund from investors, roughly 40% of whom were existing clients of the firm.
However, the new FrontPoint-SJC fund started making loans and made two capital calls on investors for a total of $85 million between early November and the end of 2010. No investors backed out of committing the money.
"It definitely had an impact, but fortunately it did not prevent us from reaching our goal of raising over $1 billion," Mr. Waters said in an interview. Source

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